Qatar’s budget balance recorded QR3.8bn surplus in the second quarter (Q2) of the year, according to the Ministry of Finance.
Total revenue for Q2,2021 amounted to QR50.1bn, driven by higher-than-budgeted oil prices, and the collection of corporate income tax in April 2021, data provided by the Ministry of Finance showed.
Expenditure totalling QR46.2bn was recorded in the second quarter of the year, the Ministry of Finance said yesterday.
In terms of Qatar's fiscal performance during the second quarter of 2021, the Ministry of Finance said the total public expenditure during Q2 amounted to QR46.2bn, which represents a 2.6% increase over the previous quarter. Nevertheless, public expenditure for Q2, 2021 did not exceed the allocated budget and accounted for 23.7% of 2021 budget.
On the other hand, total revenue for Q2, 2021 outperformed the 2021 budget and totalled QR50.1bn, or 31.3% of the 2021 budget.
Oil price averaged $69.1 per barrel during the second quarter, the Ministry of Finance said.
Similar to the previous quarter, revenue continued to outperform the state budget as oil prices remained higher than the conservative $40 per barrel budget assumption. As a result of controlled expenditure and enhanced revenue, the state budget recorded a surplus for the second consecutive quarter totaling QR3.8bn, the Ministry of Finance noted.
Total revenue for Q2-2021 (QR 50.1bn) represents an increase of 10.7% compared to the previous quarter. The growth in total revenue was primarily supported by the increase in non-oil revenue attributed to the collection of corporate income tax in April 2021.
Total oil and gas revenue amounted to QR30.7bn, which represents an increase of 17.1% compared to the same period last year supported by higher oil prices.
Non-oil revenue for Q2,2021 totalled QR19.3bn, which represents 50.2% of 2021 budget, the Ministry of Finance said.
The substantial share of budgeted non-oil revenue for 2021 was achieved in Q2,2021 due to the timing of corporate income tax collection. The achieved revenue in Q2,2021 was largely on target leaving the Ministry of Finance’s estimate for total 2021 non-oil revenue unchanged at QR38.5bn.
Total public debt declined by 2.9% during Q2,2021 to reach QR370.8bn. The decline was a result of both external and domestic redemptions.
External debt redemption in the second quarter totaled QR13.7bn, while redemption of domestic debt amounted to QR0.95bn, the Ministry of Finance said.
According to the Planning and Statistics Authority (PSA), real GDP in Q1,2021 contracted by 2.5% relative to Q1,2020. Outward-oriented sectors such as transportation and storage, and hydrocarbons were the main contributors to the drop in real GDP.
“However, the advancement in the vaccination programme, the gradual lifting of restrictions and the rapid recovery in oil demand are expected to put the economy on a growth trajectory in the second half of 2021,” the Ministry of Finance said.
Newly-awarded projects during the second quarter of 2021 amounted to over QR2.7bn, the Ministry of Finance said on Thursday.
Expenditure on major projects during the second quarter of this year reached QR15bn, representing 20.8% of 2021 budget, Ministry of Finance said.
This, however, showed a marginal decline of 0.4% compared to the previous quarter. Nevertheless, larger payments are anticipated in the second half of the year, the Ministry of Finance said.
In terms of awarded projects during the second quarter of 2021, infrastructure, roads, and parks totalled QR1.72bn and sewer and drainage QR314.7mn.
Expenditure totalling QR46.2bn was recorded in the second quarter of the year, the Ministry of Finance said yesterday.
In terms of Qatar's fiscal performance during the second quarter of 2021, the Ministry of Finance said the total public expenditure during Q2 amounted to QR46.2bn, which represents a 2.6% increase over the previous quarter. Nevertheless, public expenditure for Q2, 2021 did not exceed the allocated budget and accounted for 23.7% of 2021 budget.
On the other hand, total revenue for Q2, 2021 outperformed the 2021 budget and totalled QR50.1bn, or 31.3% of the 2021 budget.
Oil price averaged $69.1 per barrel during the second quarter, the Ministry of Finance said.
Similar to the previous quarter, revenue continued to outperform the state budget as oil prices remained higher than the conservative $40 per barrel budget assumption. As a result of controlled expenditure and enhanced revenue, the state budget recorded a surplus for the second consecutive quarter totaling QR3.8bn, the Ministry of Finance noted.
Total revenue for Q2-2021 (QR 50.1bn) represents an increase of 10.7% compared to the previous quarter. The growth in total revenue was primarily supported by the increase in non-oil revenue attributed to the collection of corporate income tax in April 2021.
Total oil and gas revenue amounted to QR30.7bn, which represents an increase of 17.1% compared to the same period last year supported by higher oil prices.
Non-oil revenue for Q2,2021 totalled QR19.3bn, which represents 50.2% of 2021 budget, the Ministry of Finance said.
The substantial share of budgeted non-oil revenue for 2021 was achieved in Q2,2021 due to the timing of corporate income tax collection. The achieved revenue in Q2,2021 was largely on target leaving the Ministry of Finance’s estimate for total 2021 non-oil revenue unchanged at QR38.5bn.
Total public debt declined by 2.9% during Q2,2021 to reach QR370.8bn. The decline was a result of both external and domestic redemptions.
External debt redemption in the second quarter totaled QR13.7bn, while redemption of domestic debt amounted to QR0.95bn, the Ministry of Finance said.
According to the Planning and Statistics Authority (PSA), real GDP in Q1,2021 contracted by 2.5% relative to Q1,2020. Outward-oriented sectors such as transportation and storage, and hydrocarbons were the main contributors to the drop in real GDP.
“However, the advancement in the vaccination programme, the gradual lifting of restrictions and the rapid recovery in oil demand are expected to put the economy on a growth trajectory in the second half of 2021,” the Ministry of Finance said.
Newly-awarded projects during the second quarter of 2021 amounted to over QR2.7bn, the Ministry of Finance said on Thursday.
Expenditure on major projects during the second quarter of this year reached QR15bn, representing 20.8% of 2021 budget, Ministry of Finance said.
This, however, showed a marginal decline of 0.4% compared to the previous quarter. Nevertheless, larger payments are anticipated in the second half of the year, the Ministry of Finance said.
In terms of awarded projects during the second quarter of 2021, infrastructure, roads, and parks totalled QR1.72bn and sewer and drainage QR314.7mn.